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Top 5 Causes of Excessive Personal Debt

Excessive debt is the biggest worry of most people. Financial issues are one of the leading contributors to divorce and suicide. We are provided with many opportunities to increase our debt, but getting out of debt can be especially challenging. Think about all the credit card offers and financing opportunities you’re faced with every day.

There are many things that create excessive amounts of debt, but the following 5 are among the primary culprits:

1. Unemployment. The loss of a job forces many people to rely on consumer debt for survival. Most families lack an emergency fund, and the credit cards are put into action rapidly.

· Many people fall into the habit of doing just enough work to avoid being fired. Put in the time and effort to become an indispensable member of your company.

· If you believe that your job is in jeopardy, start looking for a new position! Be proactive.

· Start your emergency fund today. If you already have one, ask yourself if it’s adequate.

2. Lack of self-control. Our society tends to be a little self-indulgent and lacking in discipline. It’s largely responsible for the high obesity rates in the United States, as well as the high levels of personal debt. How many items have you purchased in a moment of weakness that you don’t ever use or take the time to enjoy?